This article is part of a series of in-depth discussions of Social Marketing in the FX Broker Industry by Media Group London, a full-service marketing agency specializing in the online trading industry.
Social Marketing on Facebook is a widely employed tactic by Forex Brokers. As the case with any strategy, a Facebook strategy cannot stand on its own; the successful broker employs it as part of a wider Social Marketing strategy including taking the part of a publisher and allowing traders to connect, be it in a forum or by starting a social trading site.
Like discussed in our discussion of brokers on twitter, we divided the purpose of brokers’ Facebook pages into five categories; Announcements, Market Data Events, Research and Commentary, Signals and Interaction ranging from distant from ‘the trade’ to close to it.
If we look at the number of likes by purpose we can see that Interaction takes a much bigger role on Facebook then it does on Twitter – mainly because of the disproportionate impact that the eToro account has on the statistics.
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We can see eToro being the leading broker on Facebook, followed by Saxo Bank and FXCM.
eToro’s success on Facebook seems to be mostly attributable to their contest give-aways and tentatively Forex related polls and questions. This tactic has given them a large audience of people at least remotely interested in Forex, which is consistent with their audience of beginning traders. Saxo Bank’s account is mostly used for promoting research and commentary, its most liked page is one of the only accounts with Forex in the name, a strong hint that to be found by mass public, brokers need to have the product name in their page title.
No broker discussed is currently using Facebook for signals and making full use of the users’ attention in order to drive trading.
The brokers that will do best on Facebook will employ all 5 tactics using both pages and applications (we won’t discuss Facebook Applications in this article). Signals can drive visitors to a trading platform, where they are prompted for contact information, Interaction for PR & reputation management as well as conversion, Research & commentary and Market Data Events can drive traffic to a publishing site where the user can be marketed to further. Lastly, announcements can serve as an effective PR tool. If employed together the broker can make full use their visitors’ attention.
An overview of broker Facebook pages, their followers and the accounts’ main purpose is shown below.